ACCOUNTS - Final Accounts preparation

Company registration number: 12887752

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	ISLAND OIL TRADING (UK) LIMITED


ISLAND OIL TRADING (UK) LIMITED

COMPANY INFORMATION

Directors	C Papavassiliou
	E Papavassiliou
	P A S Dyke


Registered number	12887752


Registered office	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


ISLAND OIL TRADING (UK) LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 8


ISLAND OIL TRADING (UK) LIMITED REGISTERED NUMBER:12887752

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		$		$

Fixed assets
Tangible assets	4		964		3,136
			964		3,136
Current assets
Debtors: amounts falling due within one year	5	248,826		125,548
Cash at bank and in hand		51,907		107,837
		300,733		233,385
Creditors: amounts falling due within one year	6	(72,764)		(85,336)
Net current assets			227,969		148,049
Total assets less current liabilities			228,933		151,185

Net assets			228,933		151,185

Capital and reserves
Called up share capital	129	129
Profit and loss account	228,804	151,056
	228,933	151,185

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

C Papavassiliou

Director

Date: 1 September 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1


ISLAND OIL TRADING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Island Oil Trading (UK) Limited is a private limited company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page at the front of these financial statements. The principal place of business is 6 Mitre Passage, Greenwich Peninsula, London, SE10 0ER.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Island Oil Ltd as at 31 December 2024 and these financial statements may be obtained from 145-149 Chr. Hadjipavlou Str, Christiel Building, 3036 Limassol, Cyprus, PO Box 50663, 3608 CY .

2.3

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the parent company Island Oil Limited will continue to support the company for the foreseeable future.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2


ISLAND OIL TRADING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3


ISLAND OIL TRADING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings	-	25%	Straight line
Office equipment	-	50%	Straight line
Computer equipment	-	50%	Straight line
Office general equipment	-	50%	Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4


ISLAND OIL TRADING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Pensions

Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. The assets of the plan are held separately from the company in independently administered funds.

Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 5


ISLAND OIL TRADING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

	Fixtures and fittings	Office telecomm. equipment	Computer equipment	Office general equipment	Total
	$	$	$	$	$
Cost or valuation
At 1 January 2024	386	887	17,381	645	19,299
Additions	-	-	1,668	259	1,927
At 31 December 2024	386	887	19,049	904	21,226
Depreciation
At 1 January 2024	386	887	14,455	435	16,163
Charge for the year on owned assets	-	-	3,760	339	4,099
At 31 December 2024	386	887	18,215	774	20,262
Net book value
At 31 December 2024	-	-	834	130	964
At 31 December 2023	-	-	2,926	210	3,136

Debtors

					2024	2023
					$	$


Amounts owed by group undertakings	212,661	28,378
Other debtors	8,057	20,557
Prepayments and accrued income	27,921	76,588
Deferred taxation	187	25
	248,826	125,548

Page 6


ISLAND OIL TRADING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		$	$

Trade creditors	7,572	5,652
Corporation tax	16,233	27,592
Other taxation and social security	22,165	21,075
Other creditors	8,217	8,938
Accruals and deferred income	18,577	22,079
	72,764	85,336

7.	Deferred taxation

	2024	2023
	$	$

At beginning of year	25	486
Charged to profit or loss	162	(461)
At end of year	187	25

The deferred tax asset is made up as follows:
	2024	2023
	$	$

Accelerated capital allowances	(241)	(784)
Short term timing differences	428	809
	187	25

8.	Pension commitments

Staff pension contributions outstanding at the balance sheet date amounted to $3,542 (2023 $6,758) included within other creditors.

9.	Controlling party

The company is under the control of Island Oil Limited, a company incorporated in Cyprus.
The ultimate controlling party is Island Oil (Holdings) Limited, by virtue of its 100% shareholding in Island Oil Limited.
The results of the company are included within the consolidated accounts of Island Oil (Holdings) Limited. The registered office and address which the financial statements may be obtained from is 145-149 Chr. Hadjipavlou Str, Christiel Building, 3036 Limassol, Cyprus, PO Box 50663, 3608 CY.

Page 7


ISLAND OIL TRADING (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 2 September 2025 by James Hadfield (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 8